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Stock market bucks global slide
The VN-Index made modest gains yesterday as global markets continued to fall and oil prices slid to 21-month lows, with fears of global recession deepening.
The VN-Index rose by 3.91 points in Thursday's trading, or 1.14 per cent, to close at 346.24. Eighty-six shares advanced while 40 declined and 42 remained unchanged. A total volume of 14.44 million shares were traded yesterday for a combined value of VND472.17 billion (US$28.11 million).
Sacombank (STB) was the most active share, with orders for up to 2.83 million, followed by Saigon Securities Inc (SSI) at 1.21 million. FPT and Petro Vietnam Finance (PVF) were also active, trading at about 865,000 and 756,000 shares, respectively.
Foreign investors were net sellers by a substantial margin, shedding 6.2 million shares while picking up only about 2 million.
The former general director of the Morgan Stanley Group in the Asia-Pacific, Andy Xie, said that the world financial crisis would have a more negative impact on the economies of many developed countries than it would on those of developing nations like Viet Nam.
And, while several previous sessions on the HCM City Stock Exchange have seen the domestic market closely tracking developments on world markets, yesterday rising market ran counter to the results on Wall Street and on European markets.
The Vietnamese market still has potential independence from what is going on elsewhere in the world, indicating that investors in financial and banking shares might think twice before withdrawing from the domestic stock market, suggested Philip Crouch of ANZ Bank Group.
In Ha Noi yesterday, the HASTC-Index paralleled foreign markets more closely, sliding 2.34 points or 2.1 per cent to close at 110.64, with 114 gainers, 22 losers and 15 shares inactive. Trading volume was 7.47 million shares for a value of nearly VND206.9 billion ($12.5 million).
Viet Nam News
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